Business

According to sources, the proponents of the deal are unsure if shareholders’ approval can be obtained to see through the multi-billion-ringgit transaction that is said to be backed by UMW-OG’s major shareholder Permodalan Nasional Bhd (PNB) and Ekuiti Nasional Bhd (Ekuinas), which owns major stakes in both Icon and Orkim.

Takeover of Icon on hold, resistance from minority shareholders

PETALING JAYA: UMW Oil & Gas Corp Bhd’s (UMW-OG) proposed takeover of Icon Offshore Bhd and Orkim Sdn Bhd is on hold.

When contacted, Advancecon group chief executive officer Datuk Phum Ang Kia said it was unable to give a new date for the prospectus launch at this juncture, pending queries from the SC. “Our plan to list the company is still ongoing,” Phum said.

Advancecon postpones prospectus launch

PETALING JAYA: Main Market-bound Advancecon Holdings Bhd has postponed the prospectus launch of its initial public offering (IPO) because of outstanding queries from the Securities Commission (SC).

International Trade and Industry Minister Datuk Seri Mustapa Mohamed(insetpic) said there was a 20% growth in the trade segment for the first two months of 2017 compared with the previous corresponding period.  “For the whole year, we can expect a 5% growth for the trade segment,” he added. (Insetpic shows Miti Minister Datuk Seri Mustapa Mohamed trying out new semiconductor gadgets. Star Pic by: ZAINUDIN AHAD / The Star / 25 April 2017. Main filepic shows the busy Westports.)

Miti revises upward growth target for total trade segment this year

GEORGE TOWN: The International Trade and Industry Ministry (Miti) is aiming to achieve a 5% growth for the total trade segment in 2017.

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KLCI continues its winning streak

KUALA LUMPUR: Malayan Banking Bhd (Maybank), Genting Bhd and IHH Healthcare and underpinned the FBM KLCI firm performance on Wednesday tracking the key Asian markets.

26 April 2017 | 5:39PM |

Markets

At 9.09 am(0109gmt), the local note stood at 4.3640/3680	against the greenback from 4.3690/3740 registered at 6pm on Tuesday

Ringgit higher against US$ early Wednesday

KUALA LUMPUR: The ringgit extended its gains to open higher against the US dollar wednesday morning as investors'' appetite shifted to emerging currencies ahead of the US tax reform announcement, due later Wednesday

26 April 2017 | 10:55AM |

Forex

Moody’s: Less volatile ringgit

KUALA LUMPUR: A recovery in exports and higher commodity prices will help in stabilising the ringgit and bring confidence back to the Malaysian economy.

26 April 2017 | 3:06PM |

Forex

Strong Singapore March factory output points to Q1 GDP revision

SINGAPORE: Singapore's industrial production rose faster than expected in March from a year earlier, thanks to a continued surge in the electronics sector, data showed on Wednesday, pointing to a possible upward revision in the city-state's first quarter GDP.

26 April 2017 | 2:48PM |

Economy

KLCI up 3.04 points at midday

KUALA LUMPUR: Bursa Malaysia ended the morning session on a positive note at mid-day, led by buying support for selected heavyweights amid a mixed broader market.

26 April 2017 | 1:50PM |

Markets

Hyundai confirmed the bug's existence and said it moved quickly to fix the problem. — Reuters

Hyundai app exposed vehicles to high-tech thieves: researchers

Software vulnerabilities in a Hyundai Motor Co app that lets a car be started remotely made the company's vehicles susceptible to theft from high-tech thieves for three months before the company fixed the bug in March, a cyber security firm said.

26 April 2017 | 1:50PM |

Auto

Stock On the Move: GD Express

PETALING JAYA: GD Express Carrier (GDex), one of the highest valued companies on Bursa Malaysia in terms of earnings multiples, has finally made the sell list of a research house.

26 April 2017 | 12:59PM |

Stocks

The U.S.-based company links users to both licensed taxis and unlicensed cars and drivers, a business model that has faced legal challenges in several other cities across the world.

South Korea court says Uber violated transport law

SEOUL: A South Korean court on Wednesday ruled that the ride-hailing group Uber Technologies Inc [UBER.UL] illegally used private vehicles for commercial purposes, in the latest legal setback for the U.S. firm in Asia's fourth biggest economy.

26 April 2017 | 11:27AM |

Stocks

At 9.09 am(0109gmt), the local note stood at 4.3640/3680	against the greenback from 4.3690/3740 registered at 6pm on Tuesday

Ringgit higher against US$ early Wednesday

KUALA LUMPUR: The ringgit extended its gains to open higher against the US dollar wednesday morning as investors'' appetite shifted to emerging currencies ahead of the US tax reform announcement, due later Wednesday

26 April 2017 | 10:55AM |

Forex

Earlier this month, the company filed twice-delayed business results without an endorsement from auditor PricewaterhouseCoopers (PwC) Aarata, putting its listing on the Tokyo Stock Exchange in jeopardy

Toshiba to replace auditor PwC over differences

TOKYO: Toshiba Corp has decided to replace its auditor after less than a year as the troubled electronics conglomerate struggles to win its approval on full-year financial statement, the Nikkei business daily reported.

26 April 2017 | 9:43AM |

Stocks

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